Use the data presented in Exercise 8-2, but assume use of the complete or the partial equity
Question:
Use the data presented in Exercise 8-2, but assume use of the complete or the partial equity method rather than the cost method.
Required:
A. Prepare the journal entries Papke Company will make on its books during 2010 and 2011 to account for its investment in Serbin Company.
B. Prepare the workpaper eliminating entries needed for a consolidated statements work-paper on December 31, 2011.
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Step by Step Answer:
Part A 2010 Investment in Serbin Company 490000 Cash 490000 Cash 12000 Investment in Serbin Company 60 x 20000 subsidiary dividend 12000 Investment in Serbin Company 27600 Equity in Subsidiary Income ...View the full answer
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